Hello readers,
After a long time, today I will discuss important points to keep in mind before filling out ITR:
1. Firstly, don’t rush to file ITR as the AIS (Annual Information Statement) is not yet fully updated on the Income Tax Portal. Wait until 15th June, as there might be information updated later on. If you file early, you might face serious consequences, such as an Income Tax Notice from the department.
2. Secondly, keep in mind the due dates, as a penalty under section 234F and interest at 1% per month will be levied for late filing of returns.
Due dates:
- Individuals and entities not liable for tax audit: 31st July 2024
- Persons liable for tax audit: 31st October 2024
An important point is that in cases not liable for audit (limit extended up to Rs 10 crores in case of non-cash transactions), the due date will be 31st July 2024.
3. Verifying Profile Information:
It is recommended that all your profile information, such as address for communication and registered email ID, is updated. Also, provide accurate bank details to enable speedy refund processing. Check the bank name, account number, IFSC code, account type (savings or current), and whether the account is joint or primary. All the above details are required to be pre-validated either through OTP or EVC.
4. Choose ITR Form According to Your Taxable Income:
As we all know, ITR 1 to ITR 7 are available on the portal depending upon your category and nature of income.
5. Old Tax Regime Scheme vs New Tax Regime Scheme:
The next step is deciding which scheme to opt for. This time, the default scheme is the New Tax regime, so be very careful. If you have decided to opt for the old tax regime scheme, then please fill out form 10IEA, which is eligible only in the case of the old scheme. Pay close attention to the various heads of income and other details to be included in the ITR.
6. Analysis of 26AS – Tax Credit Statement:
- TDS
- TCS
- Refunds received during the year
- TDS defaults
7. Analysis of AIS – Annual Information Statement:
Additional details such as payment of taxes (advance tax and self-assessment details), SFT transactions (e.g., sale and purchase of immovable properties, mutual fund transactions), demand and refund, and other information will be there in AIS.
8. Before Filing ITR:
It is advisable to check Form 26AS and AIS completely and match them with all your taxable incomes and supporting documents.
9. Lastly, Very Important – Verification of ITR Within 30 Days of Filing ITR:
If you fail to do so, it will be considered an invalid return.
Various ways to E-Verify ITR – you can opt for any of the following:
- Through Aadhar OTP
- Through net banking
- Through a bank account
- Through a Demat account
- Through DSC
- Lastly, through a paper-signed ITRV in blue ink and send a physical copy to CPC within 30 days of e-filing; otherwise, ITR will be treated as an invalid return.
My advice to all of you: Be patient until all information is uploaded in AIS, and then proceed further to file ITR.
In case you are facing any issues in filing ITR, contact me at my email ID: mamta0581@gmail.com
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